Losing a Short Sale Listing to Foreclosure

By
Real Estate Agent with RE/MAX Solutions

1143 W Highland, Springfield, Mo 65807

I'm losing a short sale listing to foreclosure. 

I have listed a nice home for sale in Springfield, MO as a short sale and have done everything I can to get it sold prior to the foreclosure date.  I have had a wonderful seller to work with who has been cooperative and helpful.  We have not received an offer on this home and so it is going to be foreclosed on TOMORROW.  I have had success with short sales in the Springfield MO area in the past and this is the first one I am losing to foreclosure -Disappointing!  The hardest part about seeing this home go to foreclosure is that when you work with a seller on a short sale, you really get to know them well, in a very difficult situation.  In my past life, I was a social worker and my job was to assist in solving problems for my clients.  I couldn't do it this time! 

 

Comments (9)

Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Jolene-I had a short sale go to foreclosure earlier this year in....Springfield VA.  Must be something about the name.  We had a ready willing and able buyer but the second would not budge on what they wanted.  So in the end they got zero instead of $5000 offered by the first.  Go figure.

Oct 22, 2009 09:08 AM
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Jolene, I have had 4 go to foreclosure this year and it is not fun.  You have had great success in your short sales.  Don't give up.

Oct 22, 2009 09:42 AM
Angie Francis
StepStone Realty LLC - Austin, TX
StepStone is Real Estate without Limits!

Jolene, it is always tough to loose one.  The more you do the more you are bound to loose.  Some are worse than others... the ones where the homeowner was really invested in selling as opposed to those who don't care but are just taking advantage of the system.  

You and I are alike in that it is emotional work for us.  Keep up the good work.  Tell your client up front there are no guarantees.  Work hard and know you did everything you could if it does foreclose.

Oct 23, 2009 05:38 AM
Jim Springer - Foreclosures Springfield MO
RE/MAX Solutions - Highlandville, MO

Jolene, you did a great job on this one and there was nothing left for you to do.  We will get 'em next time.

Oct 23, 2009 06:10 AM
Anonymous
Becky Burghart

Jo, Not every situation is a win-win.  The good part is the bulk of what we do IS a win-win.  This is the part that we all hate.  We pledge everyday to help people.  When we try so hard to do the right thing and it just does not work out.  I know this tugs at your heart strings but, answer me this....Did you do everything that you could think of to help these people?  If so, what more could you ask of yourself.  Take what you have learned and apply it to the next situation.  Maybe next one you will get sooner. 

The only thing I can say is:  On my Short Sales we establish a price and start dropping it ever other week to stimulate a buyer.  You are not alone in the short sale/foreclosure battle.  There is a good article posted today about SS with Bank of America.  It is really hard for buyers to understand too.  I hear all the time, "wouldn't it be better for the bank to accept a short sale instead of foreclosure."  It makes perfect sense to us!!  It is Government/big business at it's best.

Best Wishes Jo, I'm so proud of what you have accomplished!!  Bec 

Oct 23, 2009 08:04 AM
#6
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

It's important to have a list of investors ready for situations like this. You can get a list of people by calling around on those "We buy houses" advertisements or visiting your local investment clubs. Or you can start believing in ghosts!

Cindy - The two lender situation can be difficult, hopefully this blog can help you.

Luckily, my issues don't involve these situations. My issues is trying to compete against the bailouts! The government is hard competition. ;)

Oct 23, 2009 07:59 PM
Cheryl Willis
RE/MAX Solutions- OZARK MISSOURI - Mount Vernon, MO
MO Broker - Mt Vernon, Monett, Aurora, Barry & Law

So sorry to hear this, I know how hard you work.  cw

Oct 30, 2009 03:24 AM
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

It is tough to lose properties to foreclosure, espcially after you have worked so hard on the short sale!

Oct 30, 2009 08:01 AM
Jolene Archer
RE/MAX Solutions - Nixa, MO

Thanks everyone for your words of encouragement!  I am now working on another short sale with Bank of America - positive thoughts, positive thoughts!

Oct 30, 2009 08:35 AM